Jimmy Buffett may be best known as the laid-back singer behind the hit songs "It's 5 O'Clock Somewhere" and "Margaritaville," but he has also established himself as the businessman behind more than two-dozen restaurants, plus resort hotels and casinos around the world. His latest venture has been announced and it seems to fit in both with his brand and his aging fan base: a planned retirement community in Daytona Beach, FL.

Music to be an important part of community

According to an early press release from developers, Latitude Margaritaville will offer residents an "authentic, 'no worries,' tropical vibe," in line with the greater Margaritaville brand.

With homes expected to start selling in the low $200,000, the community is said to have plans for an inclusive fitness center, including indoor pool and spa, as well as several dining options from brands under the Margaritaville umbrella. Having a connection to Buffett, the retirement community will also have a heavy focus on the arts, with hands-on classes available to residents and an on-site live music venue. Fans may be able to expect Buffett himself playing that bandstand on his frequent visits to Florida.

The expected 7,000 residents will also have access to a private, beachfront club with luxury amenities on the Atlantic Ocean.

The Latitude Margaritaville sales center has already broken ground in Daytona Beach and is expected to begin selling this fall for potential move-in by the end of 2018.

Margaritaville has become big business for Buffett

Jimmy Buffett began his career as a fledgling singer nearly five decades ago in Nashville. He developed a cult following among his fans before opening his first Margaritaville gift store in Florida in 1985. Three years later, he launched his first cafe under the same name. Since then, his business has nearly eclipsed his music career, with Forbes estimating Buffett's annual earnings to be over $40 million, although he played a mere 27 tour dates within the magazine's earning estimation period.

As a company, Margaritaville now operates 7 hotels across the southern states and in the Cayman Islands, as well as 2 resorts in the Caribbean, 3 casinos -- including 1 in Las Vegas -- and restaurants under 5 names in countries around the world.